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Binance Australia review

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Reviewed by Kylie Purcell
Important information. November, 2023: Binance and its owner Changpeng Zhao (CZ) have settled criminal charges with the US Department of Justice for a fine of US$4.3 billion. Binance will remain open under the supervision of US regulators and CZ will leave the business. It's not clear how this will impact its Australian services.
Binance Australia
4.0
β˜…β˜…β˜…β˜…β˜…
Finder score
4.8
β˜…β˜…β˜…β˜…β˜…
Regulator registration
AUSTRAC
Supported assets
372
Fiat currencies
70
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

Our verdict

Find out why Binance is more than just a cryptocurrency exchange.

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Binance is the world's largest exchange by trade volume. It has been operating a dedicated Australian service since 2020 and is registered with AUSTRAC.

The platform offers over 350 cryptocurrencies and twice as many trading pairs.

Binance pushes the limits of what a cryptocurrency exchange can offer. Traders have access to instant swaps, a fully featured spot market, P2P and margin trading. Investors can earn yield on their coins in a number of ways or take advantage of automated tools like recurring buys and a rebalancing bot.

There's a number of innovative features like a launchpad for early-stage investing, a learn and earn hub, an NFT marketplace and even access to DeFi services.

Binance currently only accepts AUD purchases using a credit or debit card. Australians who want to trade with AUD on the spot market may need to consider another exchange.

Customer service can be accessed through live chat and is quick to respond, although you will need to talk to a bot first.

Pros

  • Insurance fund. Binance has been operating an emergency insurance fund since 2018. The fund includes cryptocurrencies and so its value changes inline with the market. In 2022 Binance topped up the fund to a value of US$1 billion.
  • Complies with the Australian Transaction Reports and Analysis Centre regulations in Australia. AUSTRAC is the peak body for regulating cryptocurrency exchanges in Australia which requires Binance Australia to comply with laws and regulations that are intended to provide certain protections for users.
  • Over 371 cryptocurrencies supported. Binance Australia supports 371+ assets, which should give you a good range of industries and asset types to invest in without needing to hop between multiple exchanges.
  • Trade with multiple fiat currencies. Binance Australia allows you to trade with 10 currencies including AUD, USD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH.
  • Supports a range of payment methods. Binance Australia supports several popular payment methods including AUD deposits via Credit card, Debit card, Simplex, Banxa and Apple Pay.

Cons

  • Overwhelming UI. Binance's great strength is its enormous range of features, although this can be overwhelming for new users. The Binance App offers a Lite mode which simplifies the user experience and can be a good starting point for beginners.
  • AUD deposits and withdrawals are not supported. Binance Australia does not support AUD trading accounts. You may still be able to purchase crypto using a credit or debit card via the platform's instant purchase feature, although foreign exchange fees might apply.

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews

Details

Product details

Product Name Binance Australia
Fiat Currencies USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 60 more
Cryptocurrencies BTC, ETH, BNB, XRP, ADA, UNI, XMR, XLM, EOS, LTC & 363 more
Deposit Methods Credit card
Cryptocurrency
Debit card
Simplex
Banxa
Apple Pay
Google Pay
Trading Fee Maker: 0.1000% - 0.0120%
Taker: 0.1000% - 0.0240%
Deposit Fees AUD: 2.00%
Cryptocurrency: $0
Withdrawal Fees Cryptocurrency: Fees vary

Ratings breakdown: How we scored Binance Australia

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Ease of use β˜…β˜…β˜…β˜…β˜…
Customer service β˜…β˜…β˜…β˜…β˜…
Features β˜…β˜…β˜…β˜…β˜…
Staking/earn β˜…β˜…β˜…β˜…β˜…
Trustworthiness/security β˜…β˜…β˜…β˜…β˜…

How we rate our crypto exchanges and platforms

Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology for more information.

Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.

About Binance Australia

Binance was launched in 2017. In the years since its launch, it has become the number one exchange in the world by trading volume.

It has operated a dedicated Australian service since 2020 and registered with AUSTRAC the same year.

In 2020, Binance built on its success and launched the Binance Smart Chain (BSC). BSC is a blockchain network that enables smart contracts and decentralised applications (dApps).

Binance Australia supported assets

Binance Australia supports over 371 cryptocurrencies. In total, Binance Australia carries 19 of the top 20 cryptos by market cap.

Popular assets on Binance Australia
supports
Bitcoin (BTC)
supports
Ethereum (ETH)
supports
Tether (USDT)
supports
BNB (BNB)
supports
XRP (XRP)
supports
Solana (SOL)
supports
USDC (USDC)
does not support
Lido Staked Ether (STETH)
supports
Cardano (ADA)
supports
Dogecoin (DOGE)
supports
TRON (TRX)
supports
Chainlink (LINK)
supports
Avalanche (AVAX)
supports
Polygon (MATIC)
supports
Polkadot (DOT)
supports
Wrapped Bitcoin (WBTC)
supports
Litecoin (LTC)
supports
Shiba Inu (SHIB)
supports
Dai (DAI)
supports
Bitcoin Cash (BCH)

Binance Australia fees

Binance Australia charges a 2.00% fee for aud deposits. Cryptocurrency deposits are free for folks in Australia.

Deposit and withdrawal fees

Transaction type Fee
Deposit funds AUD: 2.00%
Cryptocurrency: $0
Withdraw funds Cryptocurrency: Fees vary

Binance Australia uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.

Type Fee
Maker 0.1000% - 0.0120%
Taker 0.1000% - 0.0240%

Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.

Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.

Binance Australia deposit methods

  • Credit card
  • Cryptocurrency
  • Debit card
  • Simplex
  • Banxa
  • Apple Pay
  • Google Pay

How to sign up on Binance Australia

Before you can get started trading on Binance Australia, you'll have to go through a Know Your Customer (KYC) verification process (which usually involves proof of identification).

  1. Get started
    Visit Binance Australia's site. After selecting the Get Started button, fill in the create account form.
  2. Set up payment
    Before you can start trading, you have to add your bank account to your Binance Australia account. There are several options to choose from, so choose the option most compatible.
  3. Provide identification
    Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this.
  4. Start trading
    After all that is processed, you're ready to trade on Binance Australia.

About the Binance Australia app

The Binance app lets you toggle between a Lite mode and a Pro mode.

The Lite mode is the default setting and is designed for beginners. It streamlines the experience and lets you buy and sell cryptocurrencies, track prices and manage your portfolio.

The Pro mode offers all of the features of the desktop exchange which makes it an incredibly powerful trading app.

3 screenshots of the Binance app

App store Rating Total reviews
Google Play 4.4 stars 1.4m reviews with 50m downloads
Apple Store 4.7 stars 37k reviews

Is Binance Australia safe?

Despite some hacks in the past, Binance has a good reputation for trust because of its response to these incidents. It operates a sizeable insurance fund, conducts security audits and frequently improves site security.

Past hacks. In 2019 a group of hackers stole US$40 million worth of Bitcoin (7,000 BTC) along with 2-factor user codes and API tokens from the Binance exchange. The hack was successful in targeting the Bitcoin that was being stored on the Binance hot wallet (connected to the Internet) which accounted for around 2% of the total Bitcoin held by Binance. The other 98% remained protected in a cold storage wallet offline. The hack used phishing techniques and viruses to bypass the security on Binance.

Fortunately, Binance was able to cover the losses out of its Secure Asset Fund for Users (SAFU) and the affected users had their funds returned. The fact that the hackers were only able to access 2% of the Bitcoin reserves on Binance because the remaining 98% is secured in cold storage should offer comfort to users.

Insurance. On July 3, 2018 Binance announced the creation of its Secure Asset Fund for Users (SAFU). This has been used to pay back users who were affected by the hacks on the exchange. SAFU is funded with portions of trading fees collected by the exchange. Binance attempt to maintain a balance of around US$1 billion in the fund, although it includes cryptocurrencies so the value fluctuates in line with the market.

Proof-of-reserves. In response to the collapse of FTX in 2022, Binance introduced a proof-of-reserves system to prove user assets are held on a 1:1 basis. It uses a Merkle Tree system which uses on-chain data to let users verify their account balance.

Keeping your crypto secure

All centralised exchanges, including Binance Australia, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.

Ledger Nano X Wallet

Trezor Model T Wallet

Go to site
Go to site

Supported assets

5,500+

Supported assets

1,456+

Price (USD)

$149

Price (USD)

$219

Binance Australia customer support

Binance offers a comprehensive support hub which includes help centre articles, FAQs, contact forms and a live chat.

The live chat system uses a chatbot, however you can request to speak with a person. When we tested this, it took less than 1 minute to be put in touch with a customer service representative, although it did require several prompts.

How to reach Binance Australia customer support

  • Contact form
  • Discord
  • Email
  • Facebook
  • FAQ page
  • Help center articles
  • Live chat
  • Support ticket
  • Telegram
  • Twitter

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Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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